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Thursday, 29 October 1931


Mr SCULLIN - On the 21st October, the honorable member for Bourke (Mr. Anstey) asked me a question without notice in regard to certain amounts advanced to the Government Savings Bank of New South Wales. I am now in a position to inform the honorable member that the £3,000,000 was advanced in respect of fixed deposits which the Government Savings Bank of New South Wales had lodged at the Commonwealth and other banks. The advances were made in anticipation of the maturity of the fixed deposits. Presumably the fixed deposit receipts were transferred to the Commonwealth Bank as security, but definite information on that point is not available. The amount of approximately £1,250,000 advanced after the 4th May was provided by the Commonwealth Bank for the relief of depositor's in the Government Savings Bank of New South Wales who were in necessitous circumstances. Commonwealth Government securities held by the Government Savings Bank of New South Wales were used as security for the advances made by the Commonwealth Bank.







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